Market Insights
Market Research Future has released its extensive report on the global biosensor market size which reveals a CAGR of 9.6% during the assessment period of 2022 to 2027. Biosensors are a rapidly growing technology due to their wide range of applications in healthcare, military, veterinary sciences, agriculture and environmental monitoring.
The increasing adoptions of advanced technology in healthcare is one of the most significant factors encouraging the global biosensor markets growth. A rising geriatric population and the high requirement for health monitoring devices is expected to propel market demand. Growing use of point-of-care testing (POCT) is another key factor driving the demand for biosensors as they are vital in furthering this type of healthcare facility. Globally, lifestyles have changed due to urbanizations and the resulting adoption of bad lifestyle habits which have led to increasing diagnoses of lifestyle-related chronic diseases such as diabetes. The need for consistent monitoring of such conditions is expected to drive demand for biosensors. Ongoing R&D investments are expected to assist in perfecting the technology and increasing reliability, which will lead the market toward expansion opportunities.
Key Players
The global competitive landscape of the biosensor market includes several leading key players who have been recorded in MRFR's report. These players include LifeSensors Inc., TiaDoc Technology Corporation, Johnson & Johnson, Nova Biomedical Corporation, I-SENCE Inc., Bayer Healthcare, F. Hoffmann-La Roche Ltd., Medtronic, Inc., Siemens Healthcare, and Abbott Laboratories Inc.
Market Segmentation
The segmental analysis of the global biosensor market in MRFR's report on the subject has been performed on the basis of technology, end-user, application, and region. Based on technology, the market is segmented into piezoelectric biosensors, thermal biosensors, electrochemical biosensors, optical biosensors, and others. The electrochemical biosensor market represents the largest share of the biosensor market.
On the basis of end-user, the market is segmented to represent home diagnostics, the point of care, research laboratories, food industry, biodefence & security, and others. The security & biodefense segment is the most significant segment in the biosensors market due to increasing biological threats and the need to protect against them.
By application, the market is categorized into an industrial process, food toxicity, medical testing, agricultural testing, environmental market, and others.
Global segmentation of the biosensor market divides it into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Analysis
North America accounts for the largest share of the global market and is led by the U.S which is the most prominent country in the region. The region is technologically advanced and has a high adoption rate with regards to advancing healthcare technologies. The presence of several leading market players and a growing diabetic population is expected to increase the demand for biosensors. Europe, another significant market has a similar growth pattern to that of North America and includes the presence of a large geriatric population which is driving the regional market.
Meanwhile, the Asia-Pacific is set to grow at the highest CAGR due to the potential the region exhibits. The region has a high number of emerging markets and an increasing focus on the provision of high-quality healthcare. Biosensor technology is witnessing a gradual increase in demand. This is expected to pick up the pace in the coming years and translate into exponential growth for APAC.
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